Average rice price in Japan drops for 1st time in 3 weeks

TOKYO - The average price of rice in Japan in the week through May 25 fell for the first time in three weeks following the release of government stockpiles, according to the agriculture ministry.

The average price of rice sold at some 1,000 supermarkets nationwide came to 4,260 yen (about 29.76 US dollars) per 5 kg, including tax, down 25 yen from the previous week, due to government-stockpiled rice starting to hit store shelves, the Ministry of Agriculture, Forestry and Fisheries said Monday.

However, the latest average is still about double what it was during the same period last year.

To bring down surging rice prices, the Japanese government sold a total of 310,000 tons of stockpiled rice at auctions held between March and April.